Whether you’re applying for a loan
for your MBA before you step onto campus, or doing it in the middle of the
semester as you’re signing up for a two-week course abroad, CommonBond makes
the process as easy as possible.
Step 1: The Application
The application takes minutes.
We’ll ask for some basic information, like your date of birth, school, and
state of residence. We will then determine (in seconds!) if you qualify to
continue with the loan application. If you qualify, we’ll ask how much you want
to borrow and for which dates you need the loan. If you don’t, you can try applying again with a cosigner. Once that’s
done, we’ll complete a credit check.
We may need some documents from
you, such as your passport or ID. However, in most cases, you will be able to
select immediately from a list of available loan products.
Step 2: You Approve Your Loan & Terms
, you will be prompted to
accept the approval disclosure and e-sign your promissory note and self-certification
form. This is all we need from you before we can send out your loan request to
your school’s financial aid office.
Step 3: Certification (Your School Approves the Loan)
When you take out a private student
loan, your school needs to certify that you are indeed one of their students,
and then decide how much money to approve. They will look to see if you have
any federal loans or other assistance, such as scholarships, grants, etc. Your
school will then approve your loan amount up to their stated cost of attendance
(taking into account all of your other sources of funding).
The timing of certification all
depends on your school and when you apply. It usually takes at least three
business days for the financial aid office to receive your request and approve
the loan amount, up to your cost of attendance. Each school, and each student’s
application, is different. If you’re applying in May for the upcoming academic
school year, your school may not start certifying these loan requests until
June or July. You also may find that your loan is certified at a slightly
different time than a classmate’s simply based on how your school is handling
Please reach out to the Care Team
Step 4: Truth in Lending/Disclosure Agreement
Once the school completes the
certification request, we’ll have a final disclosure agreement for you to view and sign
digitally. It should arrive three to five days after your school completes
certification. This is your legally binding paperwork confirming that you want
Step 5: Disbursement
CommonBond disburses your loan funds
directly to your school. Your school will apply these funds to your
student account. If you have applied for a loan early (before classes
start), expect those funds to be disbursed right around when the semester
starts (at least by the first or second week of classes). If you apply in the
middle of the semester, the disbursement date is generally as soon as possible,
following a seven-day cancellation period that each borrower must be given by
law. Upon disbursement, interest starts accruing on your new loan.
Again, if you have an upcoming
tuition payment due, or we need to expedite the process for any reason, we’re
happy to reach out to your school to move things along.
Step 6 (If Required): “Refund”
If you borrow more than the cost of
tuition alone—such as when you borrow to cover the cost of living—you’ll be
entitled to something called a refund. This means your school will directly
apply your loan funds to your tuition cost but will “refund” you any
amount of money you borrowed above that cost so you can, for instance, pay
rent. Loan refund availability is dependent on the policy of your
school and specific MBA program. Generally, you should be able
to request your refund (whether via direct deposit or paper check) within two
weeks following disbursement.
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